At first glance, the hotel industry in the United States seems to be climbing back. Total revenue per available room (TRevPAR), gross operating profit per available room (GOPPAR), and payroll per available room (PayPAR) have all posted year-over-year gains. But peel back the layers, adjust for inflation, and a different picture emerges—one where progress is slower, margins thinner, and true recovery still out of reach.
